Question 8 You have been given the following information about ALG Co. Ltd., which uses a standard cost system in accounting for its one product: 1. In the month of November 2020, 4,770 units were produced. 2. The annual overhead budget includes $747,000 for variable and $1,045,800 for fixed overhead items. Budgeted production for the year is 49,800 units. Overhead is applied based on direct labour hours. 3. The materials standard per unit is 20 litres at $1 per litre. 4. The direct labour standard per unit is 3 hours at $10.00. 5. The actual price paid for material was $0.99. 6. The actual direct labour rate was $10.50. 7. Actual fixed overhead costs totalled $88,000. 8. The following variances have already been calculated: Materials price Materials quantity Labour rate Variable overhead spending 700 F 1,750 U 7,090 V 2,000 U Calculate the quantity of material purchased. Quantity of material purchased litres Calculate the quantity of material used. Quantity of material used litres Calculate the actual direct labour hours worked. Actual hours worked hours Calculate the labour efficiency variance. Labour efficiency variance $ Calculate the variable overhead efficiency variance. Variable overhead efficiency variance